This company is Preparing Its Quiet Entry Into The Metaverse; Catch it now!
Walmart has not publicly indicated its interest in the metaverse.
Precious Njoku is a Financial Writer with extensive knowledge about the stock market.
2022-01-21 11:27

A recent report from CNBC indicates that Walmart is quietly preparing its entry into the metaverse. On December 30, the company filed a series of patent applications that stated its interest in this space.This company is Preparing Its Quiet Entry Into The Metaverse; Catch it now!
According to information in the filing, Walmart (NYSE: WMT) intends to sell virtual goods, including electronics, sporting equipment, toys, appliances, apparel, and more. Walmart also mentioned offering customers cryptocurrency and the opportunity to deal in NFTs. In a different but similar application, there were mention of possible “physical fitness training services” and “health and nutrition classes.” These services and classes intend to be through augmented reality (AR) and virtual reality (VR).

Walmart (NYSE: WMT) might also be preparing for a virtual shopping experience. Bloomberg pointed out that Walmart has filed patents for the names “Verse to home” and “Verse to Store.” It will be noted that Walmart has also tried virtual shopping experiments in the past.

Walmart (NYSE: WMT) has also increasingly shown its interest in cryptocurrencies and the metaverse. Last August, the company posted a job listing for a product specialist in cryptocurrencies. Walmart is not the only retailer that has indicated its interest in the metaverse and cryptocurrencies, though. It is among the early adopters. Nike (NYSE: NKE) is making an offering to cash in on NFTs and making its sneakers virtual. Adidas’ “Into the Metaverse” NFT collection is selling out, while Gap is making its hoodies into NFTs.

According to Josh Gerben, a trademark attorney, “the filings are super intense. There’s a lot of meaning in the wording, which shows a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they would address the metaverse, and the virtual world that is either coming or already here.”

What this means for Walmart
Walmart has not publicly indicated its interest in the metaverse. But in a statement, it said it is “continuously exploring how emerging technologies may shape future shopping experiences.” No mention of its recent patent filings was mentioned in the statement. However, the company also added that it is testing new ideas all the time. “Some ideas become products and services that make it to customers. And some we test and learn from.”

It is no surprise that retailers like Walmart are seriously considering the metaverse. Since Facebook (NASDAQ: FB) announced a name change to Meta, many businesses are taking the metaverse seriously and trying to figure out how to fit into that world. Currently, the metaverse is estimated to be worth $800 billion, but that figure would change as adoption increases. Many businesses would want to believe this is a new revenue stream. And that must be Walmart’s motivation. It's fair to say that Walmart wants to be among the first to benefit from the Metaverse.

Let’s take NFTs as an example. By launching an NFT, a business can “tokenize” physical products and services, reducing online transaction costs. For Gucci and Luis Vuitton, who sell luxury brands, NFTs can serve as a kind of authentication for goods that are tangible and more expensive.

Many retailers are reeling from being late to e-commerce. They do not want to make the same mistake with the metaverse. So the metaverse and cryptocurrencies are a win-win for retailers like Walmart. Even if it eventually becomes a fad, there is no reputation damage to a company that just gives some NFTs to its customers in a sweepstake.

Disclaimer: I have no positions in any of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article. All information should be independently verified and should not be relied upon for purposes of transacting securities or other investments. See terms for more info.

Rate this article

Published On
2022-01-21 11:27

About the Author
Precious Njoku is a Financial Writer with extensive knowledge about the stock market.

You've read 1 article in the last year
..thank you for supporting us and for visiting our site. Unlike many other sites, The Dog of Wall Street is available for everyone to read. Our focus is to provide great content for free. Do you like what we are doing? Buy us a cup coffee. It is the fuel that keeps us going..

Looking Ahead to Tesla's Earnings: What Can We Expect?
Is there any stock that has been more talked about than Tesla (NASDAQ: TSLA) as of late? It’s a company that is always in the spotlight but the stock is under some heavy scrutiny this year and deservedly so.
By Mike Sakuraba | 1 month ago

2 Stocks to Load Up On During This Correction
Another volatile week for markets and investors are starting to feel a little uncomfortable.
By Mike Sakuraba | 1 month ago

2 Earnings to Watch for Next Week
This article is merely meant to talk about two companies that I’ll have my eyes on for earnings.
By Mike Sakuraba | 1 month ago

2 Stocks That Could Explode in Q2
Here are two stocks that I think could explode in the second quarter.
By Mike Sakuraba | 1 month ago

2 Trillion Dollar Companies in the Making
One thing for certain about these two companies is that I see the potential in how they can grow.
By Mike Sakuraba | 1 month ago

Is Tesla Back? Has TSLA Stock Finally Bottomed?
Tesla Stock Analysis: Robo Taxis to the Rescue?
By Mike Sakuraba | 2 months ago

2 Stocks to Buy During an April Pullback
Here are 2 stocks I’d buy during an April pullback.
By Mike Sakuraba | 2 months ago

TSM Stock: Is This The True Winner of the AI Race?
TSM’s stock has gained nearly 40% this year which is about half of NVIDIA has returned.
By Mike Sakuraba | 2 months ago